GE invested more than $2 billion in research and development for ecomagination and healthymagination innovations in 2013, with ecomagination offerings generating $28 billion in revenue, according to the company’s new sustainability report.
ecomagination is GE's program to develop products and services with significant environmental advantages. This includes investing in cleantech research and development. Since 2005, GE has invested roughly $13 billion in ecomagination R&D, on track to meet the commitment of $15 billion through 2015. In February, GE announced the continuation of its ecomagination investment committing to invest an additional $10 billion to reach a total investment of $25 billion by 2020.
The report says GE met its goal of growing revenues from ecomagination offerings at twice the rate of total company revenue in five years — with revenue totaling $28 billion in 2013.
GE's energy efficiency improved 31 percent from the 2004 baseline year (measured as energy/$ revenue). GHG emissions were reduced 32 percent from the adjusted 2004 baseline. Building off this success, in February GE committed to reduce GHG emissions and freshwater use by 20 percent, from the 2011 baseline, by 2020. GE's freshwater use was reduced 45 percent from the 2006 baseline, the report says.
The report also includes an update on GE's healthymagination commitments, which include investing in new technologies and business models. In 2013, two years ahead of schedule, healthymagination reached 100 validated products and solutions that strive to improve the quality, access and affordability of care. During this time, GE invested $4.2 billion in research and development for these innovations. In addition, GE Ventures, Healthcare invested in entrepreneurs and companies that accelerate innovation in digital health, affordable medical procedures and precision medicine.
The update also includes GE's comprehensive sustainability reporting that tracks the company's progress against more than 60 sustainability metrics, including ecomagination and healthymagination metrics.
In 2013 GE spent $1 billion on employee learning and development. In addition, GE reduced recordable illness and injuries among employees by 37 percent from a 2003 baseline.
GE, along with its employees and retirees, committed more than $215 million to community and educational organizations in 2013. The company and its employees surpassed $1 billion in charitable donations through its matching gifts program. An estimated 1.2 million GE volunteer hours were contributed across 55 countries in 2013.
For the third consecutive year, GE co-chaired the B20 Working Group on Improving Transparency and Anticorruption, which provided the G20 with recommendations for measures to reduce both the supply and demand side of corruption.
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Founder & Principal Consultant, Hower Impact
Mike Hower is the founder of Hower Impact — a boutique consultancy delivering best-in-class strategic communication advisory and support for corporate sustainability, ESG and climate tech.
Published Jul 2, 2014 1pm EDT / 10am PDT / 6pm BST / 7pm CEST